Kuwait Central Bank launches cutting-edge cryptographic key system.

KUWAIT CITY, May 21: The Central Bank of Kuwait (CBK) has announced the development of a groundbreaking technology for generating cryptographic keys, marking a significant advancement in the field of data protection and information security.

The announcement was made by CBK Governor Basel Ahmad Al-Haroon, who said the innovation was created within the Bank’s Innovation Hub, Wolooj, as part of a broader effort to promote digital security and technological progress. The new system is now officially registered as intellectual property, reinforcing CBK’s role as a leader in digital transformation and innovation.

According to a statement issued by the Bank on Wednesday, the technology uses complex, unpredictable data sources to generate randomness. These digital streams are then combined with secure randomness produced by the operating system to generate robust, highly secure encryption keys. This dual-source approach enhances the resilience of digital systems across various applications by balancing traditional and non-traditional cryptographic methods.

Al-Haroon emphasized that the achievement is the result of dedicated work by national talent from within the CBK, aligning with the Bank’s institutional innovation strategy.

He added that the Wolooj Center plays a critical role in fostering innovation across sectors including artificial intelligence, cybersecurity, fintech, and regulatory technologies. The platform provides a dynamic environment for developing and testing new digital solutions.

The Central Bank reiterated its commitment to advancing innovation and creating a secure digital ecosystem that supports Kuwait’s vision for technological leadership and financial sector modernization.

Faisal Al-Muzaini

KUWAIT CITY, May 20: Undersecretary of the Ministry of Finance Aseel Al-Munifi has emphasized the core objectives of the newly issued Public Debt Law — Financing and Liquidity, highlighting its role in providing the State with diversified financial resources, both locally and internationally, to support development projects. In a media briefing on Monday, Al-Munifi explained that the law is designed to strengthen domestic financial markets, stimulate the banking sector, and reflect the State’s capacity to borrow responsibly. She stressed that access to liquidity will enhance the financial reserves of the country, helping it to meet obligations amid evolving global economic conditions. Al-Munifi stated that the Public Debt Law will play a pivotal role in advancing numerous development initiatives, ultimately driving economic growth and supporting Kuwait’s vision of becoming a regional financial hub. “Among the key projects to be financed under this law are strategic initiatives in infrastructure, housing and health cities, which form a cornerstone of the national development agenda,” she revealed. She added that the law provides flexible and sustainable financial instruments, reinforcing the government’s commitment to diversifying funding sources. In this context, Al-Munifi revealed that a sukuk issuance law will soon follow, pending final procedures. She affirmed that the law is sovereign, with the Ministry of Finance authorized to mandate the Central Bank or Kuwait Investment Authority to act on its behalf in securing financing.

The ministry, she added, remains committed to developing a robust legislative framework to enhance the country’s fiscal environment. Faisal Al-Muzaini, Director of the Public Debt Department at the ministry, confirmed that borrowing from both domestic and international sources is incorporated into the 2025/2026 budget, with estimated borrowing expected to range between KD3 and KD6 billion. He pointed out major differences between the current and previous debt laws, indicating the new legislation raises the borrowing ceiling from KD10 billion to KD30 billion; and extends the borrowing term from 10 to 50 years. “It also introduces specific expenditure guidelines, a new element compared to the earlier framework,” he stated. He stressed the importance of leveraging local markets alongside global ones, explaining that the new debt law will positively influence Kuwait’s credit rating by showcasing its fiscal discipline and ability to manage development financing effectively. He described the law as “one of the most significant financial reforms in Kuwait’s history.”

He also revealed that a flexible financing strategy has been developed to engage confidently with global markets, focusing on minimizing borrowing costs and diversifying the investor base across regions and institutions. He said the main goal is to develop a local debt market by establishing a reliable yield curve, which will serve as a benchmark for domestic investors. He added Kuwait’s debt-to-GDP ratio stands at just 2.9 percent, significantly lower than international benchmarks, where this ratio often exceeds 50 percent or 60 percent. He confirmed this low ratio positions Kuwait advantageously to enter capital markets after an eight-year hiatus.

Asked whether public debt could be used to repay existing obligations, he confirmed that the law does not prohibit such use and that it will be considered within the broader financing strategy. Although no specific timeline has been set for the initial borrowing, he stated that preparations are underway and that the ministry is nearing the final stages before entering the markets. Regarding borrowing models, he clarified that Kuwait will follow a strategy tailored to its unique fiscal position, leveraging its sovereign reserves and national standards rather than adopting any predefined international model.

By Najeh Bilal
Al-Seyassah/Arab Times Staff

Shaikha Al-Bahar
Deputy Group Chief Executive Officer (CEO) of the National Bank of Kuwait (NBK)

KUWAIT CITY, May 20, (Agencies): Deputy Group Chief Executive Officer (CEO) of the National Bank of Kuwait (NBK) Shaikha Al-Bahar is the only Kuwaiti who made it to the 2025 100 Most Powerful Women in Business List that Fortune released on Tuesday. The list consists of a hundred influential businesswomen in the finance, technology, health care, telecom, retail, energy and other industries.

In 1977, Al-Bahar joined NBK, where she proved her leadership capabilities as she rose through the ranks over the years. At present, she is the only woman in the executive management team of the bank. She currently heads NBK-France and Egypt; in addition to her post as board member of NBK (International) — the subsidiary of the bank in the United Kingdom. Al-Bahar was the brain behind the launching of NBK RISE, a program that aims to empower women leaders and train them within nine months to assume leadership posts.

NBK is one of the largest financial institutions in Kuwait and one of the leading banks in the region. The total value of its assets as at the end of March reached more than $135 billion. Group CEO of First Abu Dhabi Bank in the United Arab Emirates Hana Al-Rostamani joins Al-Bahar as the only two women from the Gulf on the list, ranking 76th and 92nd respectively. The Fortune editors compiled the list based on company size and health; in addition to an executive’s career path, influence, innovation, and efforts to make business better.

The 2025 list includes 52 women from the United States of America and 48 from other countries as follows: eight from China; seven each from France and the United Kingdom; three each from Germany, Singapore and Brazil; two each from Australia, Hong Kong, Japan and Spain; and one each from Kuwait and the United Arab Emirates. Chief Operator at Costco and merchant Claudine Adamo, who ranked 43rd, is one of 16 newcomers. She helped millions of Americans navigate inflation by keeping prices low on essentials, and the next-gen execs such as ByteDance CFO Julie Gao (81st), who steered the finances of the TikTok owner through its tangles with the US government.

Following are the top 10 Most Powerful Women in Business in 2025:
1. Mary Barra, Chair and CEO, GM (U.S.)
2. Julie Sweet, Chair and CEO, Accenture (U.S.)
3. Jane Fraser, CEO, Citigroup (U.S.)
4. Lisa Su, Chair and CEO, AMD (U.S.)
5. Ana Botín, Executive Chairman, Banco Santander (Spain)
6. Tan Su Shan, Deputy CEO and Group Head of Institutional Banking, DBS Group (Singapore)
7. Thasunda Brown Duckett, President and CEO, TIAA (U.S.)
8. Marta Ortega, Chairperson, Inditex (Spain)
9. Abigail Johnson, Chairman and CEO, Fidelity Investments (U.S.)
10. Meng Wanzhou, Deputy Chairwoman, Rotating Chairwoman, and CFO, Huawei (China)